This question may seem daunting but the answer is pretty straight forward – if you are behind on your mortgage payments (in default) or default is imminent, it is time to get started.
The process for marketing a short sale home for sale is not unlike any other property. However, there are many steps that need to be taken to ensure a successful short sale transaction and these steps can be time consuming. Short Sale approval from a lender can take 45 to 60 days or more and depending on the lender, this time frame may not start until an executed purchase agreement exists between a seller and a potential buyer.
Short Sales are an avenue to avoid foreclosure. Once a mortgage payment has been missed foreclosure proceedings are likely to start within 90-days. With the help of a qualified real estate agent, foreclosure proceedings may be delayed in order to facilitate a short sale transaction.